The chief executive of the National Asset Management Agency, Brendan McDonagh, has said he and his colleagues in NAMA have already taken a lead in relation to their salaries by taking a 30% reduction in their pay at the start of this year.

Mr McDonagh was addressing members of the Mid-West branch of Chartered Accountants Ireland in Limerick.

In relation to the pay cap on senior salaries in the public service announced yesterday by Minister Brendan Howlin, Mr McDonagh said he and his colleagues were very conscious of the effect of the economic downturn on the country's citizens, as they are working at the coalface of what has happened and continues to happen in the economy.

Mr McDonagh, who earns a salary of €430,000 a year for his job as NAMA chief executive, said he and his colleagues had already taken a substantial cut in their remuneration earlier this year, and they saw this as their responsibility in these difficult times.

In relation to further pay cuts he said they were very willing to look at that in talks with the Minister as they are very conscious of what the Minister is trying to achieve. But he pointed out that all of the staff in NAMA had individual contracts and it was up to individuals to decide how they would respond.

Meanwhile, NAMA is poised to appoint a receiver to a significant Dublin developer.

RTÉ News understands the agency served papers on the businessman in recent days requiring him to repay outstanding debts by tonight.

If the debts are not repaid, it would allow NAMA appoint a receiver within days.

The developer has significant assets in Dublin and London.